Swaminathan View: A big global stock market crash is coming
Synopsis
Stock markets once examined every stock for value. Today, value investing is sneered at, and the big boys are rushing into companies that have never made a profit, just as during the dotcom boom, and for the same reason. Losses are seen as a sign of future growth potential rather than disaster. Everybody knows most startups will sink, but nevertheless continue searching for golden needles in a haystack.
Global stock markets will suffer a major crash within the next year. There. I’ve said it without hedging or qualification. I could have said something more cautious like, ‘The chances of a stock market crash have increased considerably.’ Or, ‘The manic investment in stocks that have never made a profit is going to end.’ Or even, ‘After a bull run of four years, the stock markets are overdue for a major correction.’ Instead, let me stick my neck
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